Canada’s Marijuana Industry Looks Abroad for Growth

Countries like Spain, Italy, and Colombia are likely the next growth opportunities for Canadian cannabis companies after a flurry of consolidation at home.

The marijuana industry saw its largest deal to date on Monday with Aurora Cannabis Inc. agreeing to acquire MedReleaf Corp. for $2.9 billion ($2.27 billion U.S.). That followed Edmonton, Alberta-based Aurora’s deal to buy CanniMed Therapeutics Inc. in January for roughly $1 billion and several smaller deals.

Canada has emerged as a global leader in the pot industry as it becomes the first Group of Seven country to legalize the drug for recreational use later this year while a ban at the federal level keeps pure-play U.S. pot companies from major exchanges south of the border. There are now 90 publicly listed companies in Canada with a market value of about $31 billion.